City Office REIT Prices Public Offering Of 3.75 Mln Shares At $12.50/shr

(RTTNews) - City Office REIT Inc. (CIO) announced that it has priced its underwritten public offering of 3.75 million shares of its common stock at a public offering price of $12.50 per share for total gross proceeds of $46.875 million.

The offering is expected to close on December 10, 2014, subject to the satisfaction of customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 562,500 shares of common stock to cover over-allotments, if any.

The company noted that it intends to use the net proceeds from the offering to repay certain indebtedness secured by its properties and for general working capital purposes, including payment of expenses associated with this offering, future acquisitions and creating reserves for capital expenditures, tenant improvements and leasing commissions.

Janney Montgomery Scott LLC, Wunderlich Securities, Inc. and Oppenheimer & Co. Inc. are joint book-running managers for the offering. Compass Point Research & Trading, LLC and D.A. Davidson & Co. are co-managers for the offering.